Latest News on Dividend and Preferred Stocks

New Issues from REITs PS Business Parks and Ashford Hospitality

Faster that we can get notices of new issues published we get more new issues.  PS Business Parks (NYSE:PSB) has issued a new 5.20% preferred which is investment grade, as might be expected, from the sister company to Public Storage (NYSE:PSA). The terms of this issue are the normal terms for a REIT preferred being […]

Repurchased Independence Realty Trust in Zip Portfolio

Apartment REIT Independence Realty Trust (NYSE:IRT) was sold from the 2015/2016 Moderate Duration Portfolio with Zip about a month ago at $9.68/share and significant profits harvested.  After announcing a secondary share offering a few weeks ago share prices fell all the way back to the $8.40 and we took the opportunity to repurchase some shares […]

New Preferred Issues Keep On Coming

The flow of new preferred stock issues coming to market in the last week or two has picked up as companies hurry to lock in favorable rates prior to a possible December Fed Funds rate hike. There are 3 new issues now trading on the OTC Grey Market that we have not covered.  They are […]

mREIT Chimera Investment Corporation Sells a Tasty Preferred Issue

mREIT Chimera Investment Corporation (NYSE:CIM) has sold a 8% preferred stock issue.  This is a tasty coupon and may be worth purchasing when the price stabilizes.  Shares, which have begun trading on the OTC Grey market, under the temporary ticker symbol CMIAP are in the $24.48-$24.75 area closing Friday at $24.60. As we take a […]

Retail REIT National Retail Properties Sells a Stingy Preferred Issue

National Retail Properties (NYSE:NNN) has sold a huge preferred offering with a rock bottom stingy coupon of 5.20%.  Obviously the company is just doing their job for their shareholders by selling low coupons shares, but as income investors we have no interest in a perpetual preferred with this low coupon. NNN is a triple net […]

Adding to Model Portfolios

We had noted when we had wrote on September 20th that we would update you when we made further moves in the model portfolios.  We made some moves last week and again today. In the Moderate Duration with Zip Portfolio we added the new issue Gladstone Investment 6.25% term preferred (NASDAQ:GAINM) last week.  Recall we […]

City Office REIT, Inc. Launches a Preferred Offering

Small office REIT, City Office REIT, Inc. (NYSE:CIO)  has sold a new 4,000,000 share preferred stock offering with a coupon of 6.625%.  The offering also allows underwriters to purchase up to 600,000 over allotment shares. CIO came public in 2013 and thus far owns 15 high quality office buildings in markets such as Phoenix, Austin, […]

Insurers Sell Preferreds

In the last couple of days 2 insurance companies have moved to take advantage of the current ultra low interest rate environment by selling new preferred stock issues. AmTrust Financial Services (NASDAQ:AFSI), a property and casualty insurer, has sold a new preferred issue with a coupon of 6.95%. AFSI has been one of the most […]

BDC Gladstone Investment Corporation Issues Term Preferred Stock

Business development company Gladstone Investment Corporation (NASDAQ:GAIN) has issued a term preferred stock in a “refinancing” transaction.  A term preferred stock, unlike a perpetual preferred stock, has a mandatory redemption date. As longtime readers know we love term preferred stock, although we are not always fond of the issuers.  Gladstone Investment Corporation is a so, […]

Rearranging Short/Medium Duration Portfolios

As we noted in a writing on September 6th the Short/Medium Portfolios have performed well in the last year, but there were some opportunities to do some rearranging to capture some large gains. Both of these model portfolios were set up to minimize volatility while still garnering a “fair” return all while making very few […]

Utility Entergy Mississippi Sells First Mortgage Baby Bonds

As we had previous predicted, when utility companies Entergy Arkansas and Entergy Louisiana, sold baby bonds a few weeks ago, sister company Entergy Mississippi has sold a new 4.90% first mortgage bond.  As we have come to expect investment grade bonds from utilities are being issued with very modest coupons to refinance older issues. This […]

Aspen Insurance Holdings Limited Sells a Preferred

Global insurance company Aspen Insurance Holdings Limited (NYSE:AHL) has sold a new perpetual preferred stock with a coupon of 5.625%.  Being a insurance company the shares are required to be non-cumulative in respect to dividends (if they are not declared and paid they are gone forever).  Dividends will qualify for preferential tax treatment (taxed at […]